Zurich CUO Signorelli named commercial insurance CEO as Shea exits
Zurich has appointed group chief underwriting officer Sierra Signorelli as CEO for commercial insurance and a member of the executive committee with immediate effect.
LSM names Lemmens European COO
Liberty Specialty Markets (LSM) has named Marleen Lemmens as European chief operating officer (COO), effective immediately.
Budget 2021: Corporation tax hike an unwelcome move for UK insurers
A rise in UK corporation tax to help pay back the country’s rising debts – unveiled by Chancellor Rishi Sunak in today’s budget – will not be welcomed by the UK insurance industry, the Association of British Insurers (ABI) said as it called on HM Treasury to outline a “clear ...
Liberty Mutual consolidates EU surety and guarantee business
Liberty Mutual has created a single entity to provide surety and guarantee solutions across the European Union (EU).
Tryg launches $6bn rights issue ahead of RSA deal
Nordic insurer Tryg has launched a DKK37bn ($6bn) rights issue at a subscription ratio of 7:6 and subscription price of DKK105 per new share to help fund its share of the acquisition of RSA.
Markets Review: Axa gains 4.7% on FY20 results while bond rout hits global equities
Axa shares rose over 4.7 percent last week to lead gains in yet another choppy week for European P&C stocks as investors weighed up better than expected corporate earnings against fears over rising inflation and interest rates on the back of a jump in bond yields.
Insurers to save £2bn as UK scraps controversial Vnuk law following EU exit
The UK government has announced plans to ditch an “over-the-top” insurance law penned by the EU in a move it says should save the insurance sector £2bn ($2.8bn) in overall costs.
Axa, Zurich and Munich Re stop insuring Russia’s Nord Stream 2 on US sanctions threat
European (re)insurers including Axa, Munich Re Syndicate and Zurich are among 18 companies to have pulled out of Russia’s Nord Stream 2 gas pipeline project in the face of US sanctions.
Sampo targets organic P&C growth amid plans for “material reduction” in Nordea stake
Sampo has said it will target mid-single-digit organic growth in underwriting profits over the next three years as it further refocuses its operations towards P&C insurance.
Aviva continues overseas sell-off with Turkey unit
Aviva has agreed to sell its entire 40 percent shareholding in its joint venture in Turkey to Ageas Insurance International N.V. for a cash consideration of £122mn ($173mn), as the London-listed carrier scales back its European operations under CEO Amanda Blanc.
Aviva to sell French arm to Aéma Groupe for €3.2bn
Aviva is to sell its operations in France to mutual insurer Aéma Groupe for €3.2bn ($3.9bn) in cash, as the company reduces focus on Europe and overhauls its overseas units under CEO Amanda Blanc.
Market welcomes EU’s draft data adequacy decision
The EU has deemed British data protection laws to be sufficient to support the continued flow of information between the UK and the bloc, a decision that has been welcomed by UK insurers.
Allied World Global Markets promotes Peter Ford to lead European insurance
Allied World Assurance Company Holdings has named Peter Ford executive vice president, head of European insurance.
Zurich names De Nil as Nordics CEO
Zurich has appointed Dirk De Nil as CEO of Nordics, succeeding David Haak who will take on the role of strategic adviser to the insurer’s Europe, Middle East and Africa leadership team.
HDI Global adds London and Zurich to liability leadership
Hannover-headquartered HDI Global SE has expanded its liability leadership to include roles in both London and Zurich as part of plans to extend the central management of liability underwriting.
EU drops antitrust probe into aviation brokers
European regulators have closed an antitrust investigation into six insurance brokers active in the aviation and aerospace (re)insurance sector, citing priority reasons.
Eiopa’s Bernardino says EU determined to improve ESG disclosures
The chair of Europe’s insurance supervisor has become the latest high-profile regulatory figure to demand the industry pays closer attention to environmental, social and governance (ESG) factors in its risk underwriting as well as investing.
Perils pegs storm Victoria/Dennis losses at €350mn
Loss data aggregator Perils has updated its loss estimate for extratropical cyclone Victoria, which occurred between 15 and 17 February 2020, to €350mn ($422mn).
EU regulator warns insurers to clarify scope of BI coverage
Europe’s insurance regulator has warned the sector that it needs to be more precise and introduce clearer policies on cover for business interruption (BI) in the wake of the Covid-19 pandemic.
Solvency II overhaul will create “consistent” oversight across the EU: AM Best
The proposed overhaul of European capital rules would give rise to more consistent regulation and provide a better picture of (re)insurers’ balance sheets, according to AM Best.